Blockchain technology to deliver banking sector

26th
February, 2018: The disrepute banking industry suffers due to repeated scams
and fraud may come to an end as the industry resort to the blockchain
technology, assert the experts from Infosys. Currently used in cryptocurrency,
the blockchain technology promises great advantages with respect to security and
ability to create indelible records. It supports development of ideal ledger
for companies and businesses, especially for banks.

According to
Accenture, blockchain technology can potentially reduce the infrastructure
costs for the biggest banks in the world by about 30%.

However, the
major problem that speaks against blockchain technology is the fact that it
consumes massive amounts of energy. For example, Bitcoin mining alone accounted
for 33TWh of energy per year, which is comparable to the amount consumed by
Denmark every year. (The cryptocurrency, Bitcoin is implemented based on
blockchain technology). This could make one wonder, whether the world could afford
to change over to blockchain technology.

Research is
on to define energy efficient blockchain methods to mine Bitcoin which could
pave the way for more low-cost energy rigs. The companies like Global
Blockchain and Greeneum have initiated low-cost peer-to- peer trading
platforms, which drastically reduces the energy-costs associated with blockchain
technology.